The World Bank has extended a $300-million loan to the Philippines to fortify government buildings in Metro Manila and prepare for “The Big One” earthquake, another project financed by official development assistance and added to the country’s record-high debt pile which stood at P10.99 billion as of April.
Its board approved on June 2 the financing which would cover the bulk of the Philippines’ $309.5-million seismic risk reduction and resilience project, to be implemented by the Department of Public Works and Highways (DPWH).
The project will upgrade about 425 structures including school buildings and health centers to reduce damage from natural hazards such as earthquakes. It wi…
Keep on reading: World Bank OKs $300-M loan for upgrade of NCR structures